Romney calls Obama economic stimulus a failure

Well said. Note the $1 billion quarterly profit at Ford, which declined to take any Federal bailout money.

" In the late 1970s, the American automobile industry was losing lots of money, and Chrysler Corp. found itself on the brink of bankruptcy. In desperation, new Chrysler President Lee Iacocca went to Washington, hat in hand, looking for a government bailout.

At first, most politicians and much of the public were opposed. An attitude of economic Darwinism prevailed: If Chrysler couldn’t cut it, it deserved to fail. But Iacocca made a persuasive case that bankruptcy would cause hardships for hundreds of thousands of families and would end up costing the government more than a bailout would.

Lawmakers did the arithmetic, noticed a shift in public sentiment and gave Iacocca what he wanted. In January 1980, President Jimmy Carter signed the Chrysler Loan Guarantee Act.

The legislation amounted to what Iacocca called “the most complicated financial transaction in the history of American business.” Among the myriad details was a requirement that Chrysler get loan concessions from banks to which it already owed money. If even one bank balked, the whole deal was off.

“The most dramatic conflict of all,” Iacocca wrote in his autobiography,“came in Rockford, Illinois, with the American National Bank and Trust Co.[which later became AMCORE]. David Knapp, the bank president, was convinced that even with federal loan guarantees, Chrysler was about to go broke. He didn’t want any part of it. His bank had sued to recover its loan of $650,000, and he was determined to hold out to the bitter end.”

It was fortunate for Chrysler that its most stubborn creditor was in an area where the company had an assembly plant, in Belvidere, and where subsidiary businesses depended on it for their own survival.

Steve Miller, Chrysler’s chief financial officer, considered going to the Register Star and telling them that Knapp was going to put 5,000 people in the Rockford area out of work. Instead, Miller met with Knapp in Mayor Robert McGaw’s office and presented his case, but the banker wouldn’t budge.

“I’m sorry,” Knapp told Miller,“but if you take a loan, you’ve got to pay it back.”

Then Chrysler and its friends ratcheted up the pressure, and American National finally gave in.

“David Knapp had received a number of phone calls from companies that depended on Chrysler’s survival,” wrote Iacocca.“He had heard from politicians at every level. Thousands of UAW members had threatened to withdraw their money from his bank. There had even been a bomb threat from somebody in town, which he was sure had come from us.”

A month later, Chrysler got the first installment of its federally backed loans, and the company was back on its feet. The loans were all paid back ahead of schedule, and by the end of the century, Chrysler was making record profits."

http://74.125.155.132/search?q =cache:VLvbW2biJDUJ:blogs.e-ro ckford.com/applesauce/category /lee-iacocca/+%22lee+iacocca%2 2+%22federal+bailout%22&cd =6&hl=en&ct=clnk&g l=us&client=firefox-a

How dare Romney tell the truth! Like genuine care and concern for citizens and their families, the Truth is verbotten in PelosiNation.

Did we realy need Romney to tell us that?
And "mountaingal" whats with the history lesson with Iacocca? Anyone who bought one of those junk "K" cars would have known Chrysler was headed out sooner or later.

re Robert JG Jackson jr: false assumption . Ford was not in trouble , and did not ask for, nor was it going to get any bailout money. Still making gas gusslers.

re Ernesto Montoya: All Romney knows is he wants to be president , and will oppose ANYTHING the Obama administration does or says, and will say ant anything. Does not back it up with any facts. He would have done the same things herbert hoover did- nothing; toughen it out for 8 years, in misery, unemployment, bankruptcies, foreclosures, factory closings

Next time you see Willard , ask him how many good family people he laid off as a venture capitalist, to make a few bucks. These are the guys throwing money at him now.

Romney didn't destroy our State. The maniacs who pretend to be Democrats at election time in our State did that without any outside help whatsoever.

Mitt Romney is a financial genius, how could the Republican party nominate McCain over Mitt Romney?

That whole thing seems fishy, something about this past election seems contrived, Mitt Romney was and is the man for the job.

Impeach Obmama, put Romney in.

Romney is such a class act. We saw him at the LB Airport during the campaign and he was magnificent. Far too good for Californian's to admire and appreciate during our last days as a reasonable choice of a home for proud, principled citizen families.

Mitt Romney really is a financial wizard, what a sad mistake for the USA, to have put McCain as the GOP candidate, and worse yet, to get the ACORN Communist leader, Obmama, elected somehow, maybe due to the fraudulent activities of ACORN, to have DemoSocialist/Marxist leader who is plundering the middle class workers, and will tax us into oblivion, all the while, the Socialist/Marxist leaders are rich, we're getting poorer by the day.

ryan fitzgerald wrote:

Romney is such a class act. We saw him at the LB Airport during the campaign and he was magnificent. Far too good for Californian's to admire and appreciate during our last days as a reasonable choice of a home for proud, principled citizen families.

Skeptic wrote:

Mitt Romney really is a financial wizard, what a sad mistake for the USA, to have put McCain as the GOP candidate, and worse yet, to get the ACORN Communist leader, Obmama, elected somehow, maybe due to the fraudulent activities of ACORN, to have DemoSocialist/Marxist leader who is plundering the middle class workers, and will tax us into oblivion, all the while, the Socialist/Marxist leaders are rich, we're getting poorer by the day.
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Romney figured out how to make money off of money that produces nothing.

Hes the Republican version of Gordon Gecko

Skeptic wrote:

Mitt Romney is a financial genius, how could the Republican party nominate McCain over Mitt Romney?
That whole thing seems fishy, something about this past election seems contrived, Mitt Romney was and is the man for the job.
Impeach Obmama, put Romney in.

By that logic Bill Gates should be the nominee.

Romney would have been the better choice, let free enterprise figure it out, it will cut away all the waste and clean out all the crap...Government will support the crap and waste a bunch of money doing it...That is the difference between free enterprise and government...

What do you think
ImpeachObamaCampaign.Com
ExposeObama.Com
Michaelsavage.com

oneways wrote:

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By that logic Bill Gates should be the nominee.

Maybe that's what we need a real business man instead of a chief organizer. It's obvious that a chief orginazer doesn't know how to run a business which is basically what the government is. Obama is showing just how little he knows about being an executive and it's frightening.

Noting beats a failure but a try. If Obama had did nothing at all, guess what, we wouldn't have any reason to be on Topix now would we.

Mitt(I was born dirtbag rich, and don't need a stimulus)Romney.
Screw the rest of you.

oneways wrote:

<quoted text>
Romney figured out how to make money off of money that produces nothing.
Hes the Republican version of Gordon Gecko

Now settle down. No one who reads your posts would expect you to recognize accomplished people who exude class, character and basic integrity. We know Romney is FAR, FAR, FAR too good for Long Beach. This is Laura Richardson Country.

I truly dislike Obama because he is a communist. Just about anyone would be a better President. But, no matter how right Romney is about this, he is the wrong choice for Republican Presidential nominee. McCain is a t.u.r.d. Huckabee is an embarrassment. Please Republicans, please look to someone else to be our standard bearer. Pawlenty? Who knows. A return to true conservative values is essential. Palin? Too polarizing. I know one man worthy of everyone's respect. A true conservative. Ed Royce.

The headline should have read, Republican contender for President criticizes Democratic Presidnet. Duhh!!!

Cash for clunkers did have a "POSITIVE" and was somewhat successful. It took 95% of the Obama stickers off of our highways!!!!